CryptoWatch: PlayStation’s NFT, FTX’s Dispute on Funds in the Bahamas, and Ripple’s Venture in Ireland
CryptoWatch centers on last week’s top cryptocurrency stories, delivering the latest changes and topics which stirred the entire industry of modern digital and virtual assets in the world.
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PlayStation is coming in with its NFT game, and it will soon deliver a new experience centering on a new rewards program to bring digital assets to the world. On the other hand, two prolific disputes took place in the crypto industry, with FTX claiming in court that its former CEO, Sam Bankman-Fried, allegedly took its funds to the Bahamas, and Ripple started another venture in Ireland amidst its SEC lawsuit.
PlayStation NFT, Cryptocurrency in the Works?
Sony is looking at new opportunities for its PlayStation division to bring more rewards to gamers, but this time, it centers on digital assets with non-fungible tokens and the blockchain. Reports claimed that the company’s new patent reveals the details behind what is in the works within PlayStation, with a new venture towards cryptocurrency.
It will be different from the company’s existing rewards program, particularly as PlayStation’s upcoming venture will deliver a separate focus on this introduction of digital assets.
The new patent was spotted by initial reports, with the filing already available over at Patentscope regarding this new token venture.
It aims to reward those using the PlayStation to play its many games, rewarding its gamers with fungible and non-fungible tokens centering on an unknown blockchain.
Read Also: Former FTX CEO Denies Speculations Fleeing to South America After Resignation
FTX’s Motion: Sam Bankman-Fried’s Bahamas Fund
Sam Bankman-Fried allegedly transferred the funds of the company after it filed for bankruptcy in the court, and in this latest motion from FTX, as revealed from its filing on the Delaware court claimed this incident. Allegedly, the transfer was made possible as the Bahamas government aided Bankman-Fried on this change, using the Debtor’s money intended for the company.
Moreover, CNBC reports that these unauthorized transfers also centered on the company’s digital assets taken from one account to the other.
The funds it transferred were given to a company called “FireBlock,” an entity allegedly controlled by the Bahamian government.
Ripple’s VASP License in Ireland: SEC Lawsuit Conflict
Ripple, famously known as one of the third-largest cryptocurrencies in the world, XRP, is now centering on a new business venture to expand to Ireland, now seeking a Virtual Asset Service Provider (VASP) license. According to reports, the startup company aims to partner with a local firm to use as its entry to the European Union and deliver its services overseas.
The company also faced a lawsuit with the Securities and Exchange Commission (SEC) in 2020 after selling the XRP crypto to investors, initially having no right to do so as it did not file for securities. Now, the company is centering on the VASP license for its operations, with the SEC lawsuit still hanging over their heads.
Related Article: FTX Begins Strategic Review of Assets, Files Court Relief to Pay Vendors
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Written by Isaiah Richard
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